BoI Cut Current Account Interest to Zero

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The final nail in the coffin for credit interest on current accounts has occurred, BoI have cut interest on current accounts to zero today.

BoI were the last bank to pay credit interest on free current accounts.

The onerous BoI conditions to get free banking stay the same.

NIB pay interest on their paid for current accounts and EBS pay a tiny 0.03% on their new current account with transaction fees.
 
Next move - stop all those People doing 9 €1 debits or similar to avoid transaction fees.
 
theresa1 said:
Next move - stop all those People doing 9 €1 debits or similar to avoid transaction fees.
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Dont want to drag up the debate again that people doing 9 €1 transaction are not doing anything wrong they are just complying with the terns of the offer but -

Surely the people that do that are those who do not suffer from customer inertia and if BOI remove the offer these people will just move to Ulster.
No figures obviously but it appears from the papers and sites like this that many more people are now paying the charges so sounds like it has been a sucess for BOI without going any further.

Same as before I still think people are entitled to try avoid fees if they so desire. Same as its ok to avoid tax but not evade it.
 
pator said:
if BOI remove the offer these people will just move to Ulster.
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until Ulster put the free banking product off-sale... if I was working in Ulster that's what I would do. hoover up as much current acc market share as the last one with free banking - then put it off sale.
 
marksa said:
until Ulster put the free banking product off-sale... if I was working in Ulster that's what I would do. hoover up as much current acc market share as the last one with free banking - then put it off sale.
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We are just guessing what ulster might do based on one persons suggestion of what b of i might do.

My point was that the 2nd post read like they was something wrong with "all those people" doing €1 transactions to avoid the fees. It is a legit way to save on outgoings when people people are strapped for cash.
With AIB its one laser transaction and some online transactions

Anyway we already discussed this here - http://www.askaboutmoney.com/showthread.php?t=148721&highlight=pator&page=8
 
The BOI fees are 28 cents for each of the following transactions:
Debit Card ; ATM ;Standing order ;Direct debit ; Cheque ;Branch transaction ; Internet transaction ; Phone transaction
So – someone using a debit card once a day would be charged €25.20 in a quarter. Fees at BOI do not apply to Student, Graduate and Golden Years accounts.

If you move money from current A/C to saving A/C will you be charged? What do you mean by doing 1 euro transactions.
 
To be fair, the amount of interest most people would get from their current account would be miniscule. Current accounts never had good interest, ever.

If you have enough money lying in your current account to miss the interest you would get, perhaps you should move that money to a higher interest savings or deposit account.
 
theresa1 said:
Next move - stop all those People doing 9 €1 debits or similar to avoid transaction fees.
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- Nothing wrong with doing this at all - far from it. I'm just guessing BOI will make thing's harder to avoid fee's and then i will jump ship to Ulster.

BOI is just handy as a branch is at the end of my road. I shift most of my money out each month when I get paid.
 
AIB's "high interest account" has zero interest.......:rolleyes:
 
Thats true, its not listed because you cant get the account anymore, they sent out a correspondence telling us that they were no longer giving interest on the "High Interest Current Account Plus" (it was never high anyway) but failed to rename the account.

It should be called "leave your money here and we'll get the interest but wont give you any of it account"
 
The interest on the BOI current account was only on the first E1500.00 anyway. It started off at 10.5% but very quickly dropped. Current accounts are what they are though...for day to day use not for saving.
 
ClubMan said:
Or call it the "close this account and get a better deal elsewhere" account?
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DONE! It took time

Most of my cash has been transferred our of Ireland to Brazil. I'm getting a great rate on the Real, Every pay cheque will be sent there too. Nothing will be left in this country. Other amounts are kept in cash and some in Germany.
 
theresa1 said:
Next move - stop all those People doing 9 €1 debits or similar to avoid transaction fees.
Click to expand...
Just curious - do transfers from current a/c to BoI savings a/c via online banking work here? I.e. if 9 x €1 of such transfers are done and €3K+ lodged per quarter will charges be avoided? BoI say:

[broken link removed]
Over the course of a fee quarter1, lodge2 at least €3,000 to your Personal Current Account AND make 9 debit payments3 from that account using Banking 365 Phone and/or Online

...

you will qualify for free day to day banking for that quarter

...

3. Direct debits and standing orders do not qualify as valid transactions for the purpose of this offer
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so I'm not sure if the debits in question must be payments rather than transfers?
 
ClubMan said:
Just curious - do transfers from current a/c to BoI savings a/c via online banking work here? I.e. if 9 x €1 of such transfers are done and €3K+ lodged per quarter will charges be avoided? BoI say:

[broken link removed]
so I'm not sure if the debits in question must be payments rather than transfers?
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Yes that does work...If you've a c/a and s/a set up online you could transfer €0.01 between the two nine times and that will qualify.
 
We have BoI two current accounts, mine and a joint one between the missus and I. What I do is split my credit card bill in 3 (to the nearest tenner) and make 3 payments of that amount from my account when paying it off. That way I will have the 9 payments each quarter. We pay our bills from the joint account so that usually counts towards 6-7 payments each quarter from that, and then I make up the balance by xferring into a savings account a couple of times a quarter (roughly speaking the quarters begin 21/2, 21/5, 21/8 and 21/11).
 
Yakuza said:
(roughly speaking the quarters begin 21/2, 21/5, 21/8 and 21/11).
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Thanks - I was wondering what the dates were. Wonder why they're so odd and not just something more logical like Jan/Apr/Jul/Oct 1st??!
 
GuitarDave said:
Yes that does work...If you've a c/a and s/a set up online you could transfer €0.01 between the two nine times and that will qualify.
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I actually tried that when this was introduced and it did not work. I was still charged fees at the end of the quarter.

Now I am transferring to other accounts (non BOI) and credit cards.
 
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